More Iraqi News Wednesday PM 10-7-20
More Iraqi News Wednesday PM 10-7-20
TLM724 Administrator BondLady’s Corner
The Central Bank Of Iraq Announces Decisions In Light Of Financial Distress
Editing date: 10/7/2020 14:34 • 97 times read Where is the News_Baghdad The Central Bank of Iraq said today, Wednesday, a statement that the Tigris showed on a copy of it:
“In response to the economic conditions that our country is going through, and in order to contribute to alleviating the burdens of borrowers in light of the current financial distress, the Central Bank of Iraq decided to amend the time limit set within its own initiative By financing the housing fund and real estate bank loans (the five trillion initiative), so that the new time limit will be (15) years instead of (10) years, with a retroactive effect. "
He stressed that "I will continue to take all necessary measures to contribute to creating a banking system capable of responding to the challenges of the financial crisis and crossing the Iraqi economy to safety."
It was also indicated that the bank announced on August 8, 2015, the launch of an initiative to support the banks of the agricultural, industrial and real estate sectors and the Housing Fund with loans amounting to five trillion dinars to revive the economic situation and financial liquidity.
http://www.alliraqnews.com/modules/news/article.php?storyid=101784
Significance: Iraq Will Earn Tens Of Billions Annually In This Case!
Follow-up Wednesday, October 07, 2020 01:49 PM Deputy for the State of Law Coalition, Sadiq Mdlul, called on the government today, Wednesday, to end the corruption file of border crossings by granting them to sober international companies, indicating that Iraq will earn tens of billions annually.
Mdloul said in a statement, "If any international company invests the outlets, the money will increase tenfold, and we will save tens of billions of dollars annually."
He added, "The Minister of Finance will change the ministry’s joints a lot, and we are fully convinced that there is no reform paper by the government.
He continued: "The story of salaries has become longer than the formation of the government and the Minister of Finance raised the ire of the street when he said there are no salaries, and then we were surprised that there were salaries and were released." LINK
An American Delegation Discusses In Kurdistan The Implications Of The Attacks Against Diplomatic Missions In Iraq
Follow-up Wednesday, 07 October 2020 10:17 AM The President of the Kurdistan region, Nechirvan Barzani, discussed with David Copley, the US Deputy Assistant Secretary of State for Iraq, the US-Iraqi strategic dialogue, Baghdad’s relationship with Erbil, and the implications of the attacks against diplomatic missions.
A statement issued by the Kurdistan Region Presidency stated, "During the meeting, the latest developments in the political and security situation were discussed, the US-Iraqi strategic dialogue and relations between the two parties, the problems of Erbil - Baghdad and the dialogue to solve them, the attacks that target the diplomatic missions and the international anti-ISIS coalition forces. The upcoming early elections, the threats and risks of terrorism and the response to it, and the armed activities of ISIS.
The two sides stressed on strengthening America's relations with Iraq, especially in the economic field, providing job opportunities for the private sector and American investment in Iraq and the Kurdistan region , and expanding areas of cooperation and partnership between them.
The views of both sides agreed on the need for Iraq and the Kurdistan region to continue the tasks and support of the international anti-ISIS coalition, and for cooperation and coordination between the Peshmerga and the Iraqi forces until the final elimination of ISIS threats and getting rid of it.
During the meeting, which was attended by the US Consul General in Erbil, the situation in the region in general, the Covid-19 epidemic and its effects, and a host of other issues of concern to both sides were discussed. LINK
Parliamentary Finance Reveals A Decision By The Minister Of Finance To Suspend The Salaries Of Employees Of Self-Financing Companies
The Baghdad Post Wednesday, October 07, 2020 07:02 AM The Parliamentary Finance Committee revealed, on Tuesday, that the Minister of Finance issued a decision to stop paying employees of the ministries' self-financing companies, even though they are profitable companies and have nothing to do with any financial crisis.
A member of the Finance Committee, Majid Al-Waeli, said, "Economic life in Iraq has been completely paralyzed due to the wrong policies of the Ministry of Finance."
He added that "there are self-financing companies that have turned into profitable companies affiliated with the Ministry of Industry and a number of other ministries and have nothing to do with any financial crisis hitting the country."
Al-Waeli clarified that "the Minister of Finance, with a strange and exciting decision, issued a decision to stop paying the salaries of the employees of these self-financing companies and deprived their employees of salaries for the current month, despite the presence of funds in their budgets."
And he stated that "stopping the salaries of self-financing companies is a dangerous precedent, and no one knows the reason behind taking such decisions." LINK
Economist: All Resources Are Available To Overcome The Contrived Financial Crisis
08:41 - 10/07/2020 Information / private Economic expert Ihssan Al-Kinani said that all resources are available and available and can be relied upon instead of oil to secure the budget amounts, pointing out that the coming years may be the worst in the history of Iraq in the event of the continuation of the economic approach pursued by the government.
Al-Kinani said to "the information", that "a lot of resources are not exploited and there is still control over them by some politicians and corrupt parties, without the government moving on them in order to exploit them properly."
He added that "natural gas, religious tourism, tourist centers, antiquities, and Iraq's possession of two rivers. It is possible to build tourist resorts on their banks, in addition to state lands, farms and vast areas. All resources can be put up for investment and open the door for Arab and foreign companies to benefit from their revenues."
And that "the government's reliance on oil revenues by more than 90% heralds a real disaster in the coming years, and in the event that the contrived financial crisis is overlooked now, the government will not be able to pay salaries during the next two years due to adopting a borrowing policy instead of resorting to the huge cash reserve." 65 billion dollars. ” 25 n https://www.almaalomah.com/2020/10/07/498741/
A Statement By A Member Of The Economic And Investment Committee, MP Abd Al-Salam Al-Maliki, Regarding The Private Banks File
10/7/2020 A member of the Parliamentary Economic and Investment Committee, Representative Abd al-Salam al-Maliki, called on Tuesday 6/10/2020 the Anti-Corruption Committee formed by Prime Minister Mustafa al-Kazemi to open the file of private banks and disclose the nature of their work and the political or partisan parties behind them, as well as announcing the names of politicians Or the owners of the banks who plunder the wealth of Iraq in suspicious ways under different addresses.
Al-Maliki stressed that the banking business in Iraq is still stagnant compared to other countries of the world, and most of the private banks have turned to places to drain hard currency instead of preserving it or contribute to reconstruction and investment, not to mention the fact that some banks act as fronts for ISIS and were dealing with terrorist forces in transporting The money inside and outside Iraq, indicating that the financial crisis that the country is experiencing and the accompanying delay in disbursing the salaries of employees is linked in one way or another to the slowdown in the banking business, which is the jurisdiction of the Central Bank of Iraq.
Al-Maliki added: The Central Bank of Iraq has spoken on many occasions about procedures that will be followed to regulate the work of banks, but without any application on the ground until the moment, pointing out that most of the private banks have become a burden on the financial sector in Iraq and have turned due to chaos in them into a door of drainage Currency and corruption calling on the Anti-Corruption Commission to open the file of private banks in order to end the depletion of currency and to develop plans and enact laws that regulate the work of private banks, away from the partisan moods of the mafias of corruption.
And Abdul Salam Al-Maliki continued: “A parliamentary question has already been directed to the Central Bank regarding its procedures in dealing with the state of confusion with the work of private banks. Confusion and accountability for those involved in it. House of Representatives Media Department 7/10/2020 LINK
Parliamentary Finance: The “White Paper” Is The Only Solution To The Salary Crisis
Wednesday, 7 October 2020 4:31 PM Classification: Iraqi Economy and Business
Baghdad / National News Center - The Parliamentary Finance Committee confirmed, today, Wednesday, that the solution to the salary crisis of state employees is through the approval of the "white reform paper."
A member of the committee, Naji Al-Saidi, said in a press statement: “The White Reform Paper expresses economic reform in the aspect of fiscal and monetary policy,” noting that “this paper includes creating real economic resources to consolidate the existing financial resources and reduce unnecessary existing spending.
He added, "This will help create additional revenues for the budget and reduce the deficit, which will positively affect the provision of employees' salaries and secure them during the coming period."
Al-Saeedi explained, "The White Reform Paper expresses a future vision for the Iraqi government, in cooperation with the House of Representatives to end the employee salaries crisis, as well as other financial and economic crises, and this paper is not part of the solution but rather the entire solution."
And he indicated, "After adopting the white reform paper during the coming period, its implementation will be followed up by Parliament, and we will see how serious the government is implementing what was mentioned in this paper, and on the contrary, we will have a position."
The government of Iraqi Prime Minister Mustafa Al-Kazemi is facing increasing criticism due to its inability to secure sufficient liquidity to pay the salaries of state employees, which may expose it to tremendous pressure in the coming months.
By the end of a week in October, the government had yet to disburse employee salaries for the month of September.
The Iraqi government is struggling to secure employee salaries and other operating expenses due to the collapse in oil prices due to the Corona pandemic, which has crippled large sectors of the world economy.
The country relies on revenue from selling crude to finance 95 percent of state expenditures.
The revenues from oil sales amounted to about $ 3.1 billion in September, while the monthly salaries of state employees in Iraq are about $ 5.5 billion. https://nnciraq.com/42374/
To read more current and reliable Iraqi news please visit BondLady’s Corner: